The surge in spot prices at the Henry Hub since April are well above a typical range for 1998-1999 (in this context, defined as the average, +/- 2 standard deviations)

The upper bound on the typical range for 1998-99 is less than one-third of recent spot prices.

The Henry Hub spot price recently spiked at $10.53 per MMBtu on Friday 12/29. Spot prices at the Henry Hub traded at a midpoint of $6.91per MMBtu on Wednesday, January 24. This is the first time the price has been below $7.00 since December 1, 2000 and is more than $3.60 per MMBtu lower than at the peak price on December 29th.